Singapore, Sept 21 (NNN-Bernama) The International Monetary Fund (IMF) and the World Bank wrapped up their annual meetings here Wednesday, the first in the Asia after the 1997-98 regional financial crisis.

Both last held their meetings in Asia in Hong Kong in 1997, at a time when the crisis was looming, triggered by the collapse of the baht that subsequently brought down other regional currencies.

Thailand again stole much attention following a coup in Bangkok.

None find his position more awkward here than Thai Finance Minister Thanong Bidaya who had to cancel a plan Wednesday to deliver a speech at the plenary session on the final day of the meetings.

"I have no more responsibilities. I no longer hold the post.

"I'm sorry. I'm not in a position to say anything. I am not a minister any
more," he said in a Channel NewsAsia report.

Only last Monday Thanong spoke at the meeting, reassuring foreign investors that the Thai economy would grow steadily by 4-4.5 per cent next year and 5-5.5 the year after despite the political uncertainties, the high interest rates and as well as the rise in fuel prices.

Regional analysts and observers, however, see no immediate threat arising from the coup. Some, however, were concerned that if the conflict were to prolong, it could be a setback for the country and the region as a whole.

IMF managing director Rodrigo de Rato was quoted as saying here that the fund was monitoring the situation but saw no immediate "financial consequences".

The fund was also very much in the news during the 1997-98 financial crisis. It was criticised, among other things, for dispensing strong but ineffective medicines to the sick economies by asking nations to cut government spending and raise interest rates.

Last week, de Rato, asked about the criticism, answered: "I would like to
say that when you refer to a strong medicine, the question is not of a strong medicine. The question is the Asian crisis was a very strong crisis and that is what produced the costs."

He acknowledged, however, that "it is not to say that you can't argue about this or that measure regarding fiscal tightening, monetary tightening. But it is clear that at that time, the international community represented by the IMF was here, and stayed here, and at some moment there that was the only presence".

But Asia has since recovered and emerged stronger due to much improved governance and should be able to withstand shocks; hence the situation in Thailand, many say, would not be a cause for worries.

In the "IMF Asia and Pacific Regional Outlook" released last Saturday, it
reported that the outlook for the region was positive although there were some important near-term risks such as the possibility of a more-rapid-than-expected slowdown in the US economy which would have a significant impact on the region's exports and, indirectly, on domestic demand.

Other risks include higher oil prices which could also affect growth and
inflation; as well as the possibility of a more fundamental switch by investors from emerging markets than those seen in mid-year.

But on the whole, the IMF said, the region seems well-placed to deal with
"any risks that may materialise".

The next IMF-World Bank meetings would be held in Washington and then in Turkey in 2009.